The wireless charging market growth between 2021 and 2030 will be driven by the boom in the EV sector, largescale deployment of wireless charging technology in medical equipment, and massive demand for wireless-charging enabled consumer electronics, such as smartwatches, smartphones, and headphones. The growing penetration of consumer electronics can be primarily owed to the mounting disposable income of people worldwide.
The burgeoning EV sale is one of the primary growth drivers of the market, worldwide. In 2020, 931,000 units, 231,000 units, and 747,000 units of BEV cars were registered in China, the U.S., and Europe, respectively, as per the IEA. The international organization also forecasts that the global stock of electric light-duty vehicles in the stated policy scenario and sustainable development scenario will increase from 11 million in 2020 to 137 million by 2030 and 11 million in 2020 and 171 million by 2029, respectively.
In 2020, the receivers category accounted for a larger share in the wireless charging market, within the component segment. This was on account of the ability of receivers to charge numerous devices from a single source and the high-volume EV sale. Wireless chargers use radio frequencies transmitted through transmitters and picked up by a receiver within the device. The frequencies picked up by the receiver are then converted to DC voltage. As wireless power transfer is not dependent on the alignment of the receiver and transmitter, wireless chargers provide an easier charging experience to users.
Currently, players in the wireless charging market are engaging in collaborations and product launches to stay ahead of their competitors. For instance, Xiaomi Corporation unveiled the Mi Air Charge technology in January 2021, to allow users to remotely charge electronic devices without any wireless charging stand or cable. This novel technology can charge multiple devices at the same time. Furthermore, in December 2019, Integrated Device Technology Inc. collaborated with Qualcomm Inc. to use IC of the former in WiPower technology-based consumer electronics of the latter.
